2021 年第一季度报告 公司代码：600590 公司简称：泰豪科技 泰豪科技股份有限公司 2021 年第一季度报告 1 / 19 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2021 年第一季度报告 一、 重要提示 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 3 / 19 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年 度末增减(%) 总资产 12,479,798,288.37 13,870,091,545.73 -10.02 归属于上市公司股东 的净资产 3,956,177,840.64 3,578,953,744.01 10.54 年初至报告期末 上年初至上年报告期末 比上年同期增减(%) 经营活动产生的现金 流量净额 78,357,862.05 610,801,090.41 -87.17 年初至报告期末 上年初至上年报告期末 比上年同期增减 （%） 营业收入 932,007,238.67 666,303,374.49 39.88 归属于上市 ...

2020 年第三季度报告 公司代码：600590 公司简称：泰豪科技 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人杨剑、主管会计工作负责人朱宇华及会计机构负责人（会计主管人员）熊美福保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 泰豪科技股份有限公司 2020 年第三季度报告 1 / 27 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 8 | 2020 年第三季度报告 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度 | | | --- | --- | --- | --- | --- | | | | | 末增减(%) | | | 总资产 | 12,45 ...

[Item 1. Definitions](index=4&type=section&id=Item%201.%20Definitions) This section provides definitions of key terms used throughout the report [Item 2. Company Profile and Key Financial Indicators](index=4&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its core financial performance metrics [Company Information](index=4&type=section&id=Company%20Information) This chapter provides basic information about Taihao Technology Co., Ltd., including its names, legal representative, contact details, registered address, and stock listing information Company Basic Information | Item | Information | | :--- | :--- | | **Chinese Name** | 泰豪科技股份有限公司 | | **Chinese Abbreviation** | 泰豪科技 | | **Legal Representative** | 杨剑 | | **Stock Abbreviation** | 泰豪科技 | | **Stock Code** | 600590 | | **Listing Exchange** | Shanghai Stock Exchange | [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company experienced significant year-on-year declines in several core financial indicators, primarily due to the impact of the COVID-19 pandemic on product delivery and project implementation schedules 2020 Semi-Annual Key Financial Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.738 billion yuan | 2.229 billion yuan | -22.01% | | Net Profit Attributable to Shareholders of Listed Company | 81 million yuan | 110 million yuan | -26.44% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 23 million yuan | 127 million yuan | -82.21% | | Net Cash Flow from Operating Activities | -179 million yuan | 956 million yuan | -118.76% | | Basic Earnings Per Share (yuan/share) | 0.09 | 0.13 | -30.77% | | Weighted Average Return on Net Assets (%) | 2.06% | 2.71% | Decrease of 0.65 percentage points | - The company attributes the decline in performance primarily to: - **Revenue and Profit Decline**: Impacted by the COVID-19 pandemic, leading to delays in product delivery and project implementation[18](index=18&type=chunk) - **Operating Cash Flow Decline**: Due to the issuance of 912 million yuan in accounts receivable ABS in the prior year period which boosted cash flow, while the current period entered a 395 million yuan amortization phase[18](index=18&type=chunk) - **Net Asset Decline**: Resulting from a 47.65 million yuan profit distribution in the current period and a 75.87 million yuan adjustment to retained earnings at the beginning of the period due to new revenue standards[18](index=18&type=chunk) - During the reporting period, the company's non-recurring gains and losses totaled **58.3768 million yuan**, mainly from disposal gains on non-current assets (**33.56 million yuan**) and government subsidies (**34.426 million yuan**), significantly impacting current net profit[20](index=20&type=chunk)[21](index=21&type=chunk) [Item 3. Business Overview](index=7&type=section&id=Item%203.%20Business%20Overview) This section provides an overview of the company's main business segments, operating models, and relevant industry conditions [Main Business, Operating Model and Industry Overview](index=7&type=section&id=Main%20Business%2C%20Operating%20Model%20and%20Industry%20Overview) The company's main business is divided into two major segments: military equipment and smart power, both benefiting from favorable industry trends and government policies - The company primarily operates in two major businesses: - **Military Equipment**: Products include vehicle-mounted communication command systems, shipborne combat auxiliary systems, and military power stations, utilizing a direct sales model[23](index=23&type=chunk) - **Smart Power**: Products include power software and system integration, smart emergency power products, and power engineering services, employing various models such as distribution, customization, and EPC[23](index=23&type=chunk) - Industry trends are favorable: - **Military**: China's defense budget expenditure in 2020 was **1.27 trillion yuan**, a **6.6% year-on-year increase**, indicating significant room for improvement in military equipment informatization; the company currently has a full order book, but delivery is delayed due to the pandemic[23](index=23&type=chunk) - **Power**: State Grid's annual investment plan increased to **460 billion yuan**, with a focus on "digital new infrastructure," which benefits the company's smart power industry[24](index=24&type=chunk) [Significant Changes in Major Assets](index=8&type=section&id=Significant%20Changes%20in%20Major%20Assets) During the reporting period, the company's asset and liability structure underwent significant changes, driven by increased receivables financing, long-term equity investments, and non-current financial assets, alongside a rise in long-term borrowings and bonds Balance Sheet Major Item Changes (Compared to End of Prior Period) | Item Name | Change (%) | Explanation | | :--- | :--- | :--- | | **Assets** | | | | Receivables Financing | 72.63% | Increase in bills received | | Long-term Equity Investment | 32.04% | Capital increase in associate company Shanghai Zhongtai Urban Construction Development Co., Ltd. | | Other Non-current Financial Assets | 43.22% | Capital increase in Shenzhen Zhonghang Smart Equipment Equity Investment Fund | | **Liabilities** | | | | Long-term Borrowings | 181.14% | Increase in medium and long-term bank loans | | Bonds Payable | 480.17% | Issuance of 2020 Corporate Bonds (First Tranche) | [Core Competitiveness Analysis](index=8&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness is rooted in continuous technological innovation and strong industry recognition, evidenced by breakthroughs in military equipment and smart power, and numerous awards - The company continuously increases R&D investment, achieving technological breakthroughs in both military equipment and smart power, such as the high-reliability smart plateau power supply system enabling unattended power supply for China's highest altitude radar[26](index=26&type=chunk) - During the reporting period, the company received **136 patent applications**, **144 patent grants**, and numerous awards, including the First Prize for Science and Technology Progress in Jiangxi Province and the First Prize for Excellent New Products in Jiangxi Province[26](index=26&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) [Item 4. Discussion and Analysis of Operations](index=9&type=section&id=Item%204.%20Discussion%20and%20Analysis%20of%20Operations) This section provides a detailed discussion and analysis of the company's operational performance, financial position, and investment activities during the reporting period [Overall Operational Analysis](index=9&type=section&id=Overall%20Operational%20Analysis) The company's operations were significantly impacted by the COVID-19 pandemic in Q1, but rapidly recovered in Q2, with overall revenue declining while gross margin improved, indicating enhanced product profitability - In the first half of 2020, operating revenue reached **1.738 billion yuan**, a **22.01% year-on-year decrease**, with Q1 severely affected by the pandemic, resulting in a **46.07% year-on-year decline** in revenue, while Q2 production and operations rapidly recovered[28](index=28&type=chunk) - Despite the revenue decline, the company's gross margin increased by **1.4 percentage points** year-on-year during the reporting period, indicating enhanced product profitability[28](index=28&type=chunk) [Analysis of Main Business](index=9&type=section&id=Analysis%20of%20Main%20Business) This chapter analyzes the company's operational details through changes in financial statement line items, highlighting the impact of the pandemic on revenue and costs, and the significant increase in investment income and net cash flow from financing activities Financial Statement Major Item Change Analysis | Item | Current Period Amount | Prior Year Period Amount | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1.738 billion yuan | 2.229 billion yuan | -22.01% | Product delivery delayed due to pandemic | | Investment Income | 14.84 million yuan | -38.25 million yuan | -138.80% | Prior year period included ABS issuance discount loss | | Credit Impairment Loss | -7.08 million yuan | 23.85 million yuan | -129.68% | Increase in provision for expected credit impairment of receivables | | Net Cash Flow from Operating Activities | -179 million yuan | 956 million yuan | -118.76% | Prior year period included ABS issuance, current period entered amortization phase | | Net Cash Flow from Investing Activities | -484 million yuan | -15 million yuan | 3,079.13% | Capital increase in industrial funds and associate companies | | Net Cash Flow from Financing Activities | 624 million yuan | -600 million yuan | -204.14% | Increase in bank loans and corporate bond issuance | [Analysis of Assets and Liabilities](index=11&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased, with significant changes in inventory and long-term equity investments, while liabilities saw increases in short-term borrowings and non-current liabilities due within one year Asset and Liability Major Item Changes (Compared to End of Prior Year Period) | Item Name | Change (%) | Explanation | | :--- | :--- | :--- | | Inventory | 69.81% | Product delivery and acceptance settlement delayed due to pandemic, and increased stock for order production | | Long-term Equity Investment | 47.27% | Capital increase in associate company Shanghai Zhongtai Urban Construction Development Co., Ltd. | | Short-term Borrowings | 59.50% | New operational short-term borrowings | | Non-current Liabilities Due Within One Year | 416.98% | Long-term borrowings reclassified as due within one year | - As of the end of the reporting period, the company's major restricted assets totaled **1.50 billion yuan**, including monetary funds, fixed assets, intangible assets, and long-term equity investments, primarily used for obtaining bank bill limits, long-term borrowings, and providing counter-guarantees for corporate bond issuance[37](index=37&type=chunk) [Analysis of Investment Status](index=13&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company actively engaged in external equity investments totaling **417 million yuan**, strategically enhancing its military industry competitiveness and expanding its presence in the Yangtze River Delta region - During the reporting period, the company increased its paid-in capital contribution to Shenzhen Zhonghang Smart Equipment Equity Investment Fund by **168 million yuan**, with cumulative contributions reaching **420 million yuan**, aiming to identify and reserve high-quality military equipment enterprises[38](index=38&type=chunk)[39](index=39&type=chunk) - Wholly-owned subsidiary Shanghai Taihao made a paid-in capital contribution of **245 million yuan** to Shanghai Zhongtai Urban Construction Development Co., Ltd., for the construction of its Shanghai regional headquarters building, strengthening its Yangtze River Delta regional layout[38](index=38&type=chunk)[40](index=40&type=chunk) [Significant Asset and Equity Disposals](index=14&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company completed a significant equity disposal, selling a 5% stake in Shenzhen Zhonghang Bit Communication Technology Co., Ltd. for **55 million yuan** - The company's wholly-owned subsidiary, Taihao Military Industry, sold a **5% stake** in Zhonghang Bit for **55 million yuan**, with all proceeds received; after the transfer, it still holds a **15.763% stake**[41](index=41&type=chunk) [Analysis of Major Holding and Associate Companies](index=15&type=section&id=Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) During the reporting period, several subsidiaries significantly contributed to the company's net profit, with some experiencing substantial performance fluctuations due to market demand or pandemic impacts Subsidiaries Contributing Over 10% to Company Net Profit | Company Name | Current Period Net Profit (yuan) | Proportion of Investment Income Contributed to Listed Company's Net Profit (%) | | :--- | :--- | :--- | | Jiangxi Taihao Military Industry Group Co., Ltd. | 90,346,504.03 | 90.39% | | Shanghai Boyuan Information Technology Service Co., Ltd. | 30,926,850.39 | 30.94% | | Longyan Haidexin Automobile Co., Ltd. | 14,546,653.98 | 14.55% | | Taihao Power Technology Co., Ltd. | 10,238,601.97 | 10.24% | | Taihao Software Co., Ltd. | 10,125,546.64 | 10.13% | - Significant performance fluctuations in some subsidiaries: - **Longyan Haidexin Automobile Co., Ltd.**: Net profit increased by **140.45%** year-on-year, driven by increased market demand for emergency equipment such as emergency power vehicles[47](index=47&type=chunk) - **Shanghai Hongsheng System Engineering Co., Ltd.**: Net profit decreased by **99.50%** year-on-year, severely impacted by the COVID-19 pandemic as its customers are primarily concentrated in Hubei Province[47](index=47&type=chunk) [Potential Risks](index=18&type=section&id=Potential%20Risks) The company faces primary risks from macroeconomic and policy changes, as well as intensifying market competition in both military equipment and smart power sectors - **Macroeconomic and Industrial Policy Risks**: - Risks related to changes in defense policy and lower-than-expected defense expenditures[48](index=48&type=chunk) - Risks of continued impact from the COVID-19 pandemic on product production and delivery, including disruptions to overseas supply chains and delays in customer acceptance both domestically and internationally[48](index=48&type=chunk) - **Risks of Intensifying Market Competition**: - **Military Equipment**: Competition risks from new technologies and increased participation of civilian enterprises in the military sector[49](index=49&type=chunk) - **Smart Power**: Intensified competition in the existing market due to potential declines in grid investment intensity[49](index=49&type=chunk) [Item 5. Significant Matters](index=18&type=section&id=Item%205.%20Significant%20Matters) This section details the company's fulfillment of commitments, significant related-party transactions, and major contracts and guarantees during the reporting period [Fulfillment of Commitments](index=20&type=section&id=Fulfillment%20of%20Commitments) During the reporting period, the company did not fully fulfill some important commitments, including the failure of Shanghai Boyuan Information to meet its net profit target and the non-unlocking of restricted shares due to unmet performance conditions - Shanghai Boyuan Information's net profit (excluding non-recurring items) for 2019 was **90.2885 million yuan**, falling short of the promised **106.8925 million yuan**; the company has initiated litigation against the promising party for failure to fulfill compensation obligations[54](index=54&type=chunk) - The company's 2019 net profit growth rate did not meet the performance assessment requirements for the third unlocking period of the 2017 restricted stock incentive plan, requiring the company to repurchase and cancel a total of **7,574,976 granted but unvested restricted shares**[56](index=56&type=chunk)[57](index=57&type=chunk) [Significant Related-Party Transactions](index=26&type=section&id=Significant%20Related-Party%20Transactions) During the reporting period, the company engaged in multiple related-party transactions related to its daily operations, including procurement and service agreements, and had planned a private placement involving related parties which was later withdrawn - The company has routine related-party transactions for purchasing goods and receiving labor services with Kangfu Technology, Taihao Shenyang Motor, and other companies under the control of the same shareholder[62](index=62&type=chunk) - The company had originally planned a non-public offering of shares, with related parties China Nuclear Emerging Industry Fund and the second-largest shareholder Taihao Group intending to subscribe; however, the application documents for this non-public offering were withdrawn on July 30, 2020[71](index=71&type=chunk)[72](index=72&type=chunk) [Significant Contracts and Guarantees](index=31&type=section&id=Significant%20Contracts%20and%20Guarantees) As of the end of the reporting period, the company's total guarantees amounted to **1.39221 billion yuan**, representing **35.32%** of its net assets, with a significant portion provided for entities with high asset-liability ratios Summary of Guarantees | Item | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantees (A+B) | 139,221 | | Total Guarantees as % of Company Net Assets | 35.32% | | External Guarantees (A) | 17,500 | | Guarantees to Subsidiaries (B) | 121,721 | | Debt Guarantees for Guaranteed Parties with Asset-Liability Ratio > 70% (D) | 76,944 | [Item 6. Changes in Ordinary Shares and Shareholder Information](index=35&type=section&id=Item%206.%20Changes%20in%20Ordinary%20Shares%20and%20Shareholder%20Information) This section details the changes in the company's ordinary shares and provides information on its shareholders [Shareholder Information](index=35&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **41,370 ordinary shareholders**, with its top three shareholders being Tsinghua Tongfang Co., Ltd., Taihao Group Co., Ltd., and China Overseas Holdings Group Co., Ltd., with significant portions of shares held by the latter two being pledged or frozen Top Three Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Proportion (%) | Share Status | | :--- | :--- | :--- | :--- | | Tsinghua Tongfang Co., Ltd. | 167,315,574 | 19.31% | None | | Taihao Group Co., Ltd. | 128,569,272 | 14.84% | Pledged 127,400,000 shares | | China Overseas Holdings Group Co., Ltd. | 51,996,672 | 6.00% | Frozen 51,996,672 shares | - Due to the failure to meet the 2019 performance commitment, some restricted shares held by Boyuan Information's original shareholders Hu Jian, Yu Gongbu, and Cheng Hailin cannot be unlocked as scheduled and await their fulfillment of performance compensation obligations[89](index=89&type=chunk) [Item 8. Information on Directors, Supervisors, and Senior Management](index=37&type=section&id=Item%208.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section provides information on the company's directors, supervisors, and senior management personnel [Personnel Changes](index=38&type=section&id=Personnel%20Changes) During the reporting period, the company's senior management team underwent significant changes, with several key executives resigning from their original positions due to work adjustments and new appointments being made - During the reporting period, personnel changes occurred in several key senior management positions, including President, Vice President, Board Secretary, and Chairman of the Supervisory Board[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) [Item 9. Corporate Bonds](index=40&type=section&id=Item%209.%20Corporate%20Bonds) This section provides an overview of the company's corporate bonds, including basic information, use of proceeds, credit ratings, and debt repayment capacity [Basic Information on Corporate Bonds](index=40&type=section&id=Basic%20Information%20on%20Corporate%20Bonds) As of the end of the reporting period, the company had two outstanding corporate bonds, with one maturing in 2021 and a newly issued bond maturing in 2023 Overview of Outstanding Corporate Bonds | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (100 million yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 16 Taihao 01 | 136332 | 2016-03-23 | 2021-03-23 | 0.50 | 4.75% | | 20 Taihao 01 | 163427 | 2020-04-22 | 2023-04-23 | 4.00 | 6.49% | [Use of Proceeds and Credit Ratings](index=41&type=section&id=Use%20of%20Proceeds%20and%20Credit%20Ratings) The proceeds from both corporate bond issues have been fully utilized as planned, and the company maintains a stable AA credit rating, with the "20 Taihao 01" bond benefiting from a full guarantee - The company's corporate credit rating is **AA (stable)**; the "16 Taihao 01" bond rating is **AA**, and the "20 Taihao 01" bond rating is **AA+**[108](index=108&type=chunk) - The "20 Taihao 01" corporate bond is fully and unconditionally guaranteed by Jiangxi Provincial Financing Guarantee Co., Ltd. (with a corporate rating of AA+)[109](index=109&type=chunk) [Debt Repayment Capacity Financial Indicators](index=42&type=section&id=Debt%20Repayment%20Capacity%20Financial%20Indicators) At the end of the reporting period, the company's debt repayment capacity indicators remained stable, with slight improvements in liquidity ratios and a healthy EBITDA interest coverage ratio Key Debt Repayment Capacity Indicators | Key Indicator | End of Current Period/Current Period | End of Prior Year/Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.17 | 1.08 | Increased by 8.33% | | Quick Ratio | 0.97 | 0.91 | Increased by 6.59% | | Asset-Liability Ratio (%) | 67.24% | 67.62% | -0.38 percentage points | | EBITDA Interest Coverage Ratio | 3.00 | 3.10 | -3.23% | [Bank Credit Lines](index=42&type=section&id=Bank%20Credit%20Lines) As of the end of the reporting period, the company and its subsidiaries had substantial unused bank credit lines, indicating ample backup credit resources and smooth financing channels Bank Credit Line Status | Item | Amount (10,000 yuan) | | :--- | :--- | | Total Credit Line | 688,052.25 | | Utilized Credit Line | 493,626.33 | | Unutilized Credit Line | 194,425.92 | [Item 10. Financial Report](index=45&type=section&id=Item%2010.%20Financial%20Report) This section presents the company's financial report, including significant accounting policy changes and their impact on financial statements [Significant Accounting Policy Changes](index=78&type=section&id=Significant%20Accounting%20Policy%20Changes) The company adopted new revenue standards effective January 1, 2020, applying retrospective adjustments that primarily reclassified "advances from customers" to "contract liabilities" and reduced retained earnings - The company adopted the new revenue standards effective January 1, 2020, and retrospectively adjusted its opening financial statements[228](index=228&type=chunk) Major Impact of New Revenue Standards on Opening Consolidated Balance Sheet | Item | Before Adjustment (2019-12-31) | After Adjustment (2020-01-01) | Adjustment Amount | | :--- | :--- | :--- | :--- | | Accounts Receivable | 3.945 billion yuan | 3.846 billion yuan | -0.099 billion yuan | | Inventory | 1.317 billion yuan | 1.406 billion yuan | +0.088 billion yuan | | Advances from Customers | 271 million yuan | 1 million yuan | -270 million yuan | | Contract Liabilities | 0 | 335 million yuan | +335 million yuan | | Retained Earnings | 630 million yuan | 554 million yuan | -76 million yuan |

2020 年第一季度报告 公司代码：600590 公司简称：泰豪科技 泰豪科技股份有限公司 2020 年第一季度报告 1 / 18 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 7 | 2020 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度 末增减(%) 总资产 13,243,492,341.10 12,799,696,533.17 3.47 归属于上市公司股东的净资产 3,996,221,058.71 3,984,294,931.14 0.30 年初至报告期末 上年初至上年报告期末 比上年同期增减(%) 经营活动产生的现金流量净额 610,801,090.41 1,027,211,583.27 -40.54 年初至报告期末 上年初至上年报告期末 比上年同期增减（%） 营业收入 666,303,374.49 1,235,600,294.08 -46.07 归属于上市公司股东的净利润 11,942,687.09 55, ...

2019 年年度报告 公司代码：600590 公司简称：泰豪科技 泰豪科技股份有限公司 2019 年年度报告 重要提示 三、 大信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人杨剑、主管会计工作负责人朱宇华及会计机构负责人（会计主管人员）熊美福声 明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 经大信会计师事务所（特殊普通合伙）审计，2019年度公司归属上市公司股东的净利润为 144,049,459.21元，本年度累计未分配利润为630,308,626.19元，根据公司未来发展规划及经营 需要，结合《上海证券交易所上市公司现金分红指引》相关规定，2019年度公司拟以2019年12月 31日总股本866,298,784股为基数，向全体股东每10股派发现金红利0.55元（含税），共计派发现 金红利47,646,433.12元（含税），剩余未分配利润转至下一年度。 本次利润分配方案尚需提交股东大会审议通过。 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告中涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 ...

2019 年第三季度报告 公司代码：600590 公司简称：泰豪科技 泰豪科技股份有限公司 2019 年第三季度报告 1 / 28 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 9 | 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人杨剑、主管会计工作负责人朱宇华及会计机构负责人（会计主管人员）熊美福保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 3 / 28 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末增 减(%) 总资产 12,703,782,826.73 13,145,932,736.74 -3.36 归属于上市公司 股东的净资产 4,156,669,641.03 4,008,162,271.13 3.71 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上年同期增减(%) 经营活动产生的 现金流量净额 1, ...

2019 年半年度报告 公司代码：600590 公司简称：泰豪科技 泰豪科技股份有限公司 2019 年半年度报告 1 / 154 2019 年半年度报告 重要提示 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中若涉及未来计划等前瞻性陈述,不构成公司对投资者的实质承诺,请广大投资者注意 投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人杨剑、主管会计工作负责人朱宇华及会计机构负责人（会计主管人员）熊美福声 明：保证半年度报告中财务报告的真实、准确、完整。 | 第一节 | 释义 4 | | --- | --- | | 第二节 | 公司简介和主要财务指标 4 | | 第三节 | 公司业务概要 7 | | 第四节 | 经营情况的讨论与分析 10 | | 第五节 | 重要事项 18 | | ...

2019 年第一季度报告 公司代码：600590 公司简称：泰豪科技 泰豪科技股份有限公司 2019 年第一季度报告 1 / 23 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 7 | 2019 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度 | | --- | --- | --- | --- | | | | | 末增减(%) | | 总资产 | 12,287,339,581.66 | 13,145,932,736.74 | -6.53 | | 归属于上市公司股东的净资产 | 4,063,516,338.19 | 4,008,162,271.13 | 1.38 | | | 年初至报告期末 | 上年初至 ...

[Definitions](index=4&type=section&id=第一节%20释义) This chapter defines key terms used within the reporting period, ensuring clarity and consistency of the report content [Definitions of Common Terms](index=4&type=section&id=一、释义) This chapter defines key terms used within the reporting period, ensuring clarity and consistency of the report content Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | Reporting Period | Refers to January 1, 2018, to December 31, 2018 | | Company, the Company, Tellhow Sci-Tech | Refers to Tellhow Sci-Tech Co., Ltd | | Tsinghua Tongfang | Refers to Tsinghua Tongfang Co., Ltd | | Tellhow Group | Refers to Tellhow Group Co., Ltd | [Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's fundamental information and key financial performance metrics [Company Information](index=4&type=section&id=一、公司信息) This section provides the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Chinese Name | Tellhow Sci-Tech Co., Ltd | | Chinese Abbreviation | Tellhow Sci-Tech | | Foreign Name | TELLHOW SCI-TECH CO., LTD. | | Legal Representative | Yang Jian | [Contact Person and Information](index=4&type=section&id=二、联系人和联系方式) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative for investor communication Contact Information | Position | Name | Contact Number | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Yin Wei | 021-68790276 | stock@tellhow.com | | Securities Affairs Representative | Liu Lili, Yuan Weifeng | 021-68790276 | stock@tellhow.com | [Brief Introduction to Basic Information](index=5&type=section&id=三、基本情况简介) This section outlines the company's registered address, office address, postal code, website, and email address Company Basic Information | Indicator | Content | | :--- | :--- | | Company Registered Address | Tsinghua Tellhow Building, High-tech Development Zone, Nanchang City, Jiangxi Province | | Company Office Address | Tsinghua Tellhow Building, High-tech Development Zone, Nanchang City, Jiangxi Province | | Company Website | http://www.tellhow.com | | Email | stock@tellhow.com | [Information Disclosure and Document Availability](index=5&type=section&id=四、信息披露及备置地点) This section specifies the company's designated information disclosure media, the CSRC website, and the location for annual report availability Information Disclosure Channels | Information Disclosure Media | Shanghai Securities News, China Securities Journal, Securities Times | | :--- | :--- | | Designated Website URL | www.sse.com.cn | | Annual Report Availability Location | Company Securities Department | [Company Stock Overview](index=5&type=section&id=五、公司股票简况) This section provides details on the company's stock type, listing exchange, stock abbreviation, and stock code Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Tellhow Sci-Tech | 600590 | [Other Relevant Information](index=5&type=section&id=六、其他相关资料) This section discloses the name and office address of the accounting firm engaged by the company, along with the names of the signing accountants Accounting Firm Information | Name | Daxin Certified Public Accountants (Special General Partnership) | | :--- | :--- | | Office Address | Room 1504, Xueyuan International Tower, No. 1 Zhichun Road, Haidian District, Beijing | | Signing Accountants | Li Guoping, Wang Peng | [Key Accounting Data and Financial Indicators for the Past Three Years](index=5&type=section&id=七、近三年主要会计数据和财务指标) The company's operating revenue has shown continuous growth over the past three years (2016-2018), with net profit attributable to shareholders and non-recurring net profit also increasing, while net cash flow from operating activities turned positive in 2018 after being negative in 2017 Key Accounting Data for the Past Three Years (Unit: Million Yuan) | Key Accounting Data | 2018 | 2017 | YoY Change (%) | 2016 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 6127.39 | 5100.62 | 20.13 | 3901.94 | | Net Profit Attributable to Shareholders of Listed Company | 262.18 | 251.93 | 4.07 | 123.83 | | Net Profit Attributable to Shareholders of Listed Company after Deducting Non-recurring Gains and Losses | 239.47 | 151.38 | 58.20 | 102.93 | | Net Cash Flow from Operating Activities | 16.18 | -363.57 | N/A | 248.04 | | Net Assets Attributable to Shareholders of Listed Company | 4008.16 | 3730.38 | 7.45 | 3807.97 | | Total Assets | 13145.93 | 10513.95 | 25.03 | 8587.71 | | Total Share Capital at Period End | 866.30 | 666.96 | 29.89 | 666.96 | Key Financial Indicators for the Past Three Years | Key Financial Indicators | 2018 | 2017 | YoY Change (%) | 2016 | | :--- | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.34 | 0.29 | 17.24 | 0.14 | | Diluted Earnings Per Share (Yuan/share) | 0.34 | 0.29 | 17.24 | 0.14 | | Basic EPS after Non-recurring Gains and Losses (Yuan/share) | 0.31 | 0.18 | 72.22 | 0.12 | | Weighted Average Return on Net Assets (%) | 6.78 | 6.54 | Increased by 0.24 percentage points | 3.38 | | Weighted Average ROE after Non-recurring Gains and Losses (%) | 6.19 | 4.02 | Increased by 2.17 percentage points | 2.81 | [Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=6&type=section&id=八、境内外会计准则下会计数据差异) The company states there are no differences in net profit and net assets attributable to shareholders between financial reports prepared under international or foreign accounting standards and Chinese accounting standards - The company has no differences in accounting data under domestic and foreign accounting standards[22](index=22&type=chunk) [Quarterly Key Financial Data for 2018](index=6&type=section&id=九、2018%20年分季度主要财务数据) In 2018, the company's operating revenue and net profit significantly increased in the fourth quarter, primarily due to customer settlement patterns in the military equipment and smart power businesses, with orders placed in the first half and concentrated settlement in Q4 Quarterly Key Financial Data for 2018 (Unit: Million Yuan) | Indicator | Q1 (Jan-Mar) | Q2 (Apr-Jun) | Q3 (Jul-Sep) | Q4 (Oct-Dec) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1001.02 | 1103.15 | 1205.30 | 2817.92 | | Net Profit Attributable to Shareholders of Listed Company | 45.41 | 69.93 | 45.70 | 101.19 | | Net Profit Attributable to Shareholders of Listed Company after Deducting Non-recurring Gains and Losses | 37.49 | 65.47 | 43.53 | 93.03 | | Net Cash Flow from Operating Activities | -230.41 | -304.63 | 105.05 | 446.17 | - Customers in the company's main businesses generally place orders in the first half of the year, with concentrated settlement in the fourth quarter, leading to a significant recognition of revenue and profit in Q4[23](index=23&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=十、非经常性损益项目和金额) In 2018, the company's total non-recurring gains and losses amounted to **22.71 million Yuan**, a significant decrease from 2017, primarily due to reduced disposal gains/losses from non-current assets Non-recurring Gains and Losses Items and Amounts (Unit: Million Yuan) | Non-recurring Gains and Losses Item | 2018 Amount | 2017 Amount | 2016 Amount | | :--- | :--- | :--- | :--- | | Gains/losses on disposal of non-current assets | 2.94 | 89.95 | 28.93 | | Government grants recognized in current profit/loss (excluding those continuously enjoyed) | 20.45 | 20.22 | 20.21 | | Gains/losses from entrusted loans to external parties | 9.76 | 9.76 | 9.93 | | Other non-operating income and expenses apart from the above | -6.75 | -0.32 | 0.83 | | Impact on minority interests | -1.59 | -0.65 | -0.76 | | Income tax impact | -2.10 | -18.41 | -3.89 | | Total | 22.71 | 100.56 | 20.90 | [Business Overview](index=7&type=section&id=第三节%20公司业务概要) This section provides a comprehensive overview of the company's core businesses, operational models, and the industry landscape [Main Businesses, Operating Models, and Industry Overview](index=7&type=section&id=一、报告期内公司所从事的主要业务、经营模式及行业情况说明) The company primarily operates in military equipment and smart power, utilizing various models including distribution, direct sales, customization, and EPC, benefiting from increased defense spending and grid investments - The company's main businesses are military equipment and smart power, with military equipment focusing on weapon system informatization and smart power on power informatization and engineering services[28](index=28&type=chunk) Main Business Models | Product Category | Procurement Model | Production Model | Sales Model | | :--- | :--- | :--- | :--- | | Military Equipment | Centralized procurement of common materials and bidding from qualified suppliers | Non-standard customized production | Primarily direct sales, including model pre-research, prototype, finalization, and batch production | | Smart Power | Centralized procurement of common materials and bidding from qualified suppliers | Non-standard customized production | Smart emergency power primarily through distribution; power informatization systems offer customized services and products; power engineering combines direct and distribution sales, supplemented by EPC | - The military equipment industry benefits from increased defense spending (**8.1% year-on-year growth in 2018**) and military informatization goals, with equipment procurement investment expected to grow faster than total military expenditure in the future[29](index=29&type=chunk) - The smart power industry benefits from "13th Five-Year Plan" period investment in distribution networks (**no less than 1.7 trillion Yuan**) and pilot reforms for incremental distribution networks, alongside the promotion of energy internet demonstration projects[33](index=33&type=chunk)[34](index=34&type=chunk) [Significant Changes in Major Assets](index=9&type=section&id=二、报告期内公司主要资产发生重大变化情况的说明) During the reporting period, the company's asset structure underwent significant changes, with substantial increases in notes receivable, accounts receivable, prepayments, construction in progress, and intangible assets, reflecting expanded operations and increased investment, while available-for-sale financial assets and treasury stock decreased Major Asset Changes (Unit: Yuan) | Project Name | Amount at Period End | Change from Prior Period End (%) | Explanation | | :--- | :--- | :--- | :--- | | Notes Receivable | 182,658,189.25 | 49.67 | Increase in bill settlements | | Accounts Receivable | 5,327,802,216.25 | 44.71 | Extended product acceptance and settlement cycles, and business scale growth | | Prepayments | 577,011,390.01 | 80.48 | Increase in contract prepayments | | Non-current Assets Due Within One Year | - | -100.00 | Equity transfer payments and BT project payments matured and transferred out | | Other Current Assets | 35,661,994.97 | 94.69 | Increase in deductible input VAT | | Available-for-sale Financial Assets | 481,518,955.32 | -31.54 | Redemption of fund investments | | Long-term Equity Investments | 395,352,828.17 | 36.70 | New equity investment in Shenzhen Zhonghang Bit Communication Technology Co., Ltd | | Construction in Progress | 79,164,911.53 | 79.45 | Investment and construction of Jiaxing Military-Civilian Integration Industrial Park | | Intangible Assets | 413,539,601.45 | 36.57 | Increase in patents for the company's main businesses | | Notes Payable | 2,090,259,523.39 | 101.19 | Increase in bill settlements | | Long-term Borrowings | 643,681,816.00 | 60.51 | Increase in bank loans | | Deferred Income | 56,743,338.62 | 38.27 | Increase in government grants related to assets | | Treasury Stock | 174,824,068.42 | -35.00 | Unlocking of restricted stock incentives | | Other Comprehensive Income | 173,389.38 | 86.04 | Foreign currency translation differences | | Minority Interests | 374,743,874.48 | 149.09 | Absorption of minority shareholder investments | [Core Competitiveness Analysis](index=10&type=section&id=三、报告期内核心竞争力分析) The company's core competitiveness lies in its system solution capabilities in military equipment and smart power, continuously improving R&D strength, mature marketing and service networks, stringent quality management, and effective talent development and incentive systems - The company possesses sub-system and system solution capabilities in military equipment and smart power, with military equipment evolving towards systematization, modularization, high mobility, and efficient information processing, and smart power developing initial system solution capabilities in power informatization[38](index=38&type=chunk) - The company's R&D investment has consistently exceeded **5% of sales revenue** for many years, with **1,321 R&D personnel** (over 40% of total staff), completing **78 new product/process/technology developments in 2018**, and holding over **1,900 valid authorized patents and copyrights**[39](index=39&type=chunk)[40](index=40&type=chunk) - The company has established a sound marketing network and service system, with military equipment centered in Beijing, over **200 distributors** for smart emergency power globally, and power informatization system customers across **17 provincial grids nationwide**[41](index=41&type=chunk)[42](index=42&type=chunk) - The company implements ISO9001:2015 and other quality management models, and has obtained multiple system and product certifications, ensuring product quality and information security service levels[42](index=42&type=chunk) - The company implements "Green Talent" recruitment and "Future Leader Talent" programs, improving equity incentive mechanisms and employee stock ownership plans to motivate employees and enhance cohesion[43](index=43&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=第四节%20经营情况讨论与分析) This section provides an in-depth discussion and analysis of the company's operational performance, strategic initiatives, and future development outlook [Management Discussion and Analysis](index=11&type=section&id=一、经营情况讨论与分析) In 2018, the company adhered to its "endogenous and M&A-driven, innovative development" strategy, achieving **69.46% revenue growth** in military equipment through technological advantages and acquisitions, and **12.61% revenue growth** in smart power by focusing on core businesses, increasing R&D, and expanding overseas markets - The military equipment industry's operating revenue grew by **69.46%**, driven by rapid growth in vehicle-mounted communication command systems and military power station businesses, alongside the establishment of a military equipment research institute to strengthen pre-research efforts and successful bidding for major pre-research projects[45](index=45&type=chunk) - The military equipment industry further enhanced its military informatization layout through the acquisitions of Hunan Jishi Communication Technology Co., Ltd., Beijing Tellhow Equipment Technology Co., Ltd., and Shenzhen Zhonghang Bit Communication Technology Co., Ltd[45](index=45&type=chunk) - The smart power industry's operating revenue grew by **12.61%**, with power informatization system business consolidating market position through integration of AI and big data, smart emergency power business maintaining its leading edge, and energy internet business completing key projects and launching new products[46](index=46&type=chunk) - The company accelerated its overseas power business expansion, forming strategic partnerships with central state-owned enterprises to further develop international markets[46](index=46&type=chunk) [Key Operating Performance During the Reporting Period](index=11&type=section&id=二、报告期内主要经营情况) In 2018, the company achieved total operating revenue of **6.13 billion Yuan**, a **20.13% year-on-year increase**; net profit of **274.16 million Yuan**, up **5.72%**; and net profit attributable to the parent company of **262.18 million Yuan**, up **4.07%**, with both military equipment and smart power businesses growing, but overseas business revenue declining 2018 Key Operating Data (Unit: Ten Thousand Yuan) | Indicator | 2018 | 2017 | Growth Rate (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 612,739 | 510,062 | 20.13 | | Net Profit | 27,416 | 25,932 | 5.72 | | Net Profit Attributable to Parent Company | 26,218 | 25,193 | 4.07 | [Main Business Analysis](index=12&type=section&id=(一)%20主营业务分析) Main business revenue increased by **20.33% year-on-year**, with military equipment business growing by **69.46%** and smart power business by **12.61%**, while gross profit margin rose by **4.36 percentage points** due to a higher proportion of military equipment business and product technology upgrades Analysis of Changes in Profit Statement and Cash Flow Statement Items (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,127,385,118.49 | 5,100,618,164.65 | 20.13 | | Operating Cost | 4,847,608,583.05 | 4,249,334,312.89 | 14.08 | | Selling Expenses | 201,598,684.31 | 177,005,089.98 | 13.89 | | Administrative Expenses | 298,509,946.94 | 206,288,510.68 | 44.71 | | R&D Expenses | 178,330,685.56 | 90,462,489.44 | 97.13 | | Financial Expenses | 188,054,838.67 | 111,099,161.36 | 69.27 | | Net Cash Flow from Operating Activities | 16,182,835.15 | -363,571,454.29 | N/A | | Net Cash Flow from Investing Activities | -64,628,176.79 | -678,703,319.23 | N/A | | Net Cash Flow from Financing Activities | 345,498,560.52 | 763,962,226.34 | -54.78 | - Military equipment business revenue increased by **69.46% year-on-year**, primarily due to growth in vehicle-mounted communication command systems; smart power business revenue increased by **12.61% year-on-year**, mainly driven by growth in power distribution equipment products and power EPC projects[51](index=51&type=chunk) - The company's main business gross profit margin increased by **4.36 percentage points year-on-year**, primarily due to a higher proportion of military equipment business, which has a higher gross profit margin, and enhanced profitability from product technology upgrades[52](index=52&type=chunk) Gross Profit Margin Changes by Industry and Product for Main Business (Unit: %) | Industry/Product | 2018 Gross Profit Margin | Change in Gross Profit Margin from Prior Year (percentage points) | | :--- | :--- | :--- | | Military Equipment Business | 22.70 | Increased by 1.25 | | Smart Power Business | 19.71 | Increased by 4.66 | | Military Power Stations | 24.98 | Increased by 1.52 | | Communication Command Systems | 21.80 | Increased by 1.61 | | Smart Emergency Power | 8.45 | Increased by 1.77 | | Grid Software and System Integration | 43.71 | Increased by 9.83 | | Power Distribution Equipment | 19.49 | Increased by 2.59 | [Asset and Liability Analysis](index=15&type=section&id=(三)%20资产、负债情况分析) The company's total assets increased by **25.03% year-on-year**, primarily due to business scale growth, with significant increases in accounts receivable, prepayments, notes payable, long-term borrowings, and minority interests reflecting business expansion and financing activities Asset and Liability Status Changes (Unit: Yuan) | Project Name | Amount at Period End | Change from Prior Period End (%) | Explanation | | :--- | :--- | :--- | :--- | | Total Assets | 13,145,932,736.74 | 25.03 | Business scale growth | | Notes Receivable | 182,658,189.25 | 49.67 | Increase in bill settlements | | Accounts Receivable | 5,327,802,216.25 | 44.71 | Extended product acceptance and settlement cycles, and business scale growth | | Prepayments | 577,011,390.01 | 80.48 | Increase in contract prepayments | | Available-for-sale Financial Assets | 481,518,955.32 | -31.54 | Redemption of fund investments | | Long-term Equity Investments | 395,352,828.17 | 36.70 | New equity investment in Shenzhen Zhonghang Bit Communication Technology Co., Ltd | | Construction in Progress | 79,164,911.53 | 79.45 | Investment and construction of Jiaxing Military-Civilian Integration Industrial Park | | Intangible Assets | 413,539,601.45 | 36.57 | Increase in patents for the company's main businesses | | Notes Payable | 2,090,259,523.39 | 101.19 | Increase in bill settlements | | Long-term Borrowings | 643,681,816.00 | 60.51 | Increase in bank loans | | Minority Interests | 374,743,874.48 | 149.09 | Absorption of minority shareholder investments | - The company's total restricted major assets at period-end amounted to **894 million Yuan**, primarily comprising monetary funds, fixed assets, intangible assets, and long-term equity investments, used for bill deposits, bank loan collateral, or pledges[67](index=67&type=chunk) [Investment Analysis](index=17&type=section&id=(五)%20投资状况分析) In 2018, the company's total external equity investment was **560.49 million Yuan**, mainly for increasing capital in Jiangxi Tellhow Military Industry Group, investing in Hunan Jishi Communication and Shenzhen Zhonghang Bit, and acquiring Beijing Tellhow Equipment, aiming to seize "military reform" opportunities and expand military informatization business, with non-equity investments focused on military-civilian integration industrial parks and smart manufacturing technical upgrade projects 2018 External Equity Investment Details (Unit: Ten Thousand Yuan) | Investee Name | Current Period Investment Amount | Shareholding Ratio in Investee (%) | | :--- | :--- | :--- | | Jiangxi Tellhow Military Industry Group Co., Ltd | 29,000.00 | 100 | | Shenzhen Zhonghang Bit Communication Technology Co., Ltd | 10,305.12 | 25.763 | | Beijing Tellhow Equipment Technology Co., Ltd | 7,000.00 | 100 | | Hunan Jishi Communication Technology Co., Ltd | 4,080.00 | 51 | | Total | 56,048.54 | | - The company increased capital in Jiangxi Tellhow Military Industry Group by **290 million Yuan** to seize "military reform" opportunities and promote the development of the military industry[70](index=70&type=chunk) - The company invested **40.80 million Yuan** to acquire a **51% equity stake** in Hunan Jishi Communication Technology Co., Ltd., and invested **103 million Yuan** for a **25.763% equity stake** in Shenzhen Zhonghang Bit Communication Technology Co., Ltd., to expand its communication equipment product line and enhance competitiveness in the military sector[70](index=70&type=chunk)[71](index=71&type=chunk) - The company acquired a **60% equity stake** in Beijing Tellhow Equipment Technology Co., Ltd. from Tellhow Group for **70 million Yuan** in cash, enhancing its military equipment informatization business capabilities[71](index=71&type=chunk) Major Non-Equity Investment Projects (Unit: Yuan) | Project Name | Project Amount | Amount Invested in Reporting Period | Cumulative Actual Investment Amount | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Military-Civilian Integration Emergency Equipment Production Project | 95,366,500.00 | 959,196.56 | 10,676,073.76 | 10.00% | | Jiaxing Military-Civilian Integration Industrial Park | 150,000,000.00 | 48,948,310.25 | 48,948,310.25 | 35.00% | | Smart Manufacturing Technical Upgrade Project | 28,270,000.00 | 14,392,707.25 | 14,838,861.09 | 55.00% | [Major Asset and Equity Sales](index=18&type=section&id=(六)%20重大资产和股权出售) The company sold its wholly-owned subsidiary, Guizhou Tellhow Power Technology Co., Ltd., for **20 million Yuan** to optimize its industrial layout and exit the low-value-added power distribution equipment manufacturing business, and also withdrew from Jiaxing Bangfu Investment Partnership to recover **200 million Yuan** and improve capital utilization efficiency - The company transferred **100% equity** of its wholly-owned subsidiary, Guizhou Tellhow Power Technology Co., Ltd., for **20 million Yuan**, to optimize its industrial layout and exit the low-to-medium voltage power distribution equipment manufacturing business[74](index=74&type=chunk) - The company signed a withdrawal agreement with Jiaxing Bangfu Investment Partnership (Limited Partnership), recovering a **200 million Yuan** capital contribution to improve capital utilization efficiency[74](index=74&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=(七)%20主要控股参股公司分析) The company's major holding subsidiaries include Jiangxi Tellhow Military Industry Group, Shanghai Hongsheng System Engineering, Tellhow Power Technology, Longyan Haidexin Automobile, Tellhow International Investment, Tellhow Software, and Shanghai Boyuan Information Technology Services, with Shanghai Boyuan Information Technology Services Co., Ltd. contributing the most to the company's net profit at **38.69%**, and several subsidiaries showing significant performance fluctuations, such as Jiangxi Tellhow Military Industry Group's **286.72% net profit growth** due to market recovery post-"military reform" Major Holding Subsidiaries' 2018 Operating Performance (Unit: Yuan) | Company Name | Main Business | Current Period Operating Revenue | Current Period Net Profit | | :--- | :--- | :--- | :--- | | Jiangxi Tellhow Military Industry Group Co., Ltd | Military equipment R&D, production, and sales | 1,077,859,257.15 | 73,325,935.26 | | Shanghai Hongsheng System Engineering Co., Ltd | Communication equipment, computer software and hardware technology development | 84,430,265.28 | 51,172,340.74 | | Tellhow Power Technology Co., Ltd | Generator and unit design, manufacturing, sales | 1,403,361,664.19 | 51,618,316.13 | | Longyan Haidexin Automobile Co., Ltd | Special purpose vehicle production and sales | 309,829,256.41 | 32,977,185.66 | | Tellhow International Investment Co., Ltd | Investment, financing, and related services | 726,396,969.04 | 20,661,045.51 | | Tellhow Software Co., Ltd | Computer software and related product development, sales | 859,450,022.29 | 41,650,151.56 | | Shanghai Boyuan Information Technology Services Co., Ltd | Computer technology, intelligent transportation technology development | 699,595,343.80 | 106,072,261.24 | - Shanghai Boyuan Information Technology Services Co., Ltd. contributed **38.69%** of the listed company's net profit, while Jiangxi Tellhow Military Industry Group Co., Ltd. contributed **26.75%**[80](index=80&type=chunk) Subsidiary Performance Fluctuations (Unit: Yuan) | Company Name | Operating Revenue Change (%) | Net Profit Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Jiangxi Tellhow Military Industry Group Co., Ltd | 74.19 | 286.72 | Market recovery after "military reform" | | Shanghai Hongsheng System Engineering Co., Ltd | 25.22 | 33.45 | Increase in order deliveries | | Tellhow Software Co., Ltd | 34.97 | 75.47 | Growth in software product development revenue | | Tellhow Power Technology Co., Ltd | 31.45 | 150.34 | Scale growth | | Shanghai Boyuan Information Technology Services Co., Ltd | 34.57 | 32.10 | Growth in power EPC general contracting business | [Discussion and Analysis of the Company's Future Development](index=22&type=section&id=三、公司关于公司未来发展的讨论与分析) The company's future development is poised to benefit from military-civilian integration policies, military research institute reforms, and a rebound in military orders, as well as power system reforms and energy internet development, while continuing its "endogenous and M&A-driven, innovative development" strategy, focusing on military equipment and smart power, increasing R&D, expanding markets, and actively managing risks from macro policies, market competition, and management integration - The military equipment industry benefits from military-civilian integration policies, deepening reforms of military research institutes, and a rebound in military orders after the impact of military system reforms, with military orders expected to maintain high growth in the latter half of the "13th Five-Year Plan" period[83](index=83&type=chunk)[84](index=84&type=chunk) - The smart power industry benefits from deepening power system reforms (inter-provincial/regional trading rules, incremental distribution network pilots), the energy internet entering a new phase of development, and increasing national attention to the power emergency industry[86](index=86&type=chunk)[87](index=87&type=chunk) - The company's development strategy focuses on industrial growth in military equipment and smart power, centered on R&D and services for communication command systems, optoelectronic detection, power informatization, smart emergency power, and energy internet products, while actively seeking M&A opportunities in related fields[96](index=96&type=chunk) - The 2019 operating plan includes: promoting the "Striver System" and informatization system construction; establishing industrial park, financing, and overseas platforms; supporting the construction of military equipment and smart power research institutes; accelerating the establishment of financial and human resource shared service centers; and deeply participating in mixed-ownership reforms of state-owned enterprises in the military and power sectors[97](index=97&type=chunk)[100](index=100&type=chunk) - The company faces risks from macro policies (military system reforms, power system reforms falling short of expectations), market competition (bottlenecks in military equipment market size, impact of new technologies, increase in civilian enterprises entering the military sector; homogeneous competition in smart power retail electricity), and management integration (new teams and acquired enterprises)[98](index=98&type=chunk)[99](index=99&type=chunk)[101](index=101&type=chunk) [Significant Events](index=27&type=section&id=第五节%20重要事项) This section details key events and developments during the reporting period, including profit distribution plans, commitment fulfillment, accounting policy changes, auditor appointments, integrity status, equity incentives, related party transactions, and social responsibility initiatives [Ordinary Share Profit Distribution or Capital Reserve to Share Capital Conversion Plan](index=27&type=section&id=一、普通股利润分配或资本公积金转增预案) For 2018, the company proposes no profit distribution and no capital reserve to share capital conversion, primarily due to a negative net profit at the parent company level and considering the company's future development plans and operational needs - The parent company's net profit for 2018 was **-54.31 million Yuan**, with undistributed profit of **-52.07 million Yuan**[5](index=5&type=chunk) - For 2018, the company proposes no profit distribution and no capital reserve to share capital conversion, to support the company's future development plans and operational needs[5](index=5&type=chunk)[104](index=104&type=chunk) Ordinary Share Dividend Distribution Plans for the Past Three Years (Unit: Yuan) | Dividend Year | Cash Dividend Per 10 Shares (pre-tax) | Total Cash Dividend (pre-tax) | Net Profit Attributable to Ordinary Shareholders of Listed Company | Ratio to Consolidated Net Profit Attributable to Ordinary Shareholders of Listed Company (%) | | :--- | :--- | :--- | :--- | :--- | | 2018 | 0 | 0 | 262,178,814.19 | 0.00 | | 2017 | 1.2 | 79,735,279.92 | 251,934,744.63 | 31.65 | | 2016 | 1.2 | 80,035,270.08 | 123,829,229.30 | 64.63 | [Fulfillment of Commitments](index=28&type=section&id=二、承诺事项履行情况) The company and related parties strictly fulfilled all commitments during the reporting period, including the earnings forecasts and compensation commitments for Boyuan Information, Shanghai Hongsheng, and Beijing Tellhow Equipment, all of which met or exceeded their performance targets, requiring no compensation - Boyuan Information's 2018 net profit after deducting non-recurring gains and losses was **104.95 million Yuan**, achieving **112.91%** of its performance commitment, exceeding it by **12.00 million Yuan**, thus requiring no compensation[113](index=113&type=chunk) - Shanghai Hongsheng's 2018 net profit was **51.17 million Yuan**, achieving **106.61%** of its performance commitment, exceeding it by **3.17 million Yuan**, thus requiring no compensation[114](index=114&type=chunk) - Beijing Tellhow Equipment's 2018 net profit after deducting non-recurring gains and losses was **14.53 million Yuan**, achieving **132.08%** of its performance commitment, exceeding it by **3.53 million Yuan**, thus requiring no compensation[115](index=115&type=chunk) [Analysis of Reasons and Impact of Changes in Accounting Policies, Accounting Estimates, or Major Accounting Error Corrections](index=34&type=section&id=五、公司对会计政策、会计估计变更或重大会计差错更正原因和影响的分析说明) The company changed its accounting policies in accordance with the Ministry of Finance's 2018 notice on revising the format of general enterprise financial statements, primarily affecting the presentation of statement items such as the combined listing of notes and accounts receivable and separate listing of R&D expenses, but without impacting net profit - The company revised its 2018 financial statement format in accordance with Cai Kuai [2018] No. 15 issued by the Ministry of Finance, primarily affecting the presentation of statement items[117](index=117&type=chunk) Major Impacts of Accounting Policy Changes | Accounting Policy Change Content and Reason | Affected Statement Item Name | Amount of Affected Statement Item in Current Period | Restated Amount in Prior Period | | :--- | :--- | :--- | :--- | | Combined presentation of notes receivable and accounts receivable | Notes and Accounts Receivable | 5,510,460,405.50 Yuan | 3,803,866,312.94 Yuan | | Separate presentation of R&D expenses | R&D Expenses | 178,330,685.56 Yuan | 90,462,489.44 Yuan | [Appointment and Dismissal of Accounting Firms](index=35&type=section&id=六、聘任、解聘会计师事务所情况) The company re-appointed Daxin Certified Public Accountants (Special General Partnership) as its audit and internal control audit firm for 2018, with audit fees of **1 million Yuan** and **0.4 million Yuan**, respectively - The company re-appointed Daxin Certified Public Accountants (Special General Partnership) as its audit and internal control audit firm for 2018[122](index=122&type=chunk) Accounting Firm Appointment Details (Unit: Ten Thousand Yuan) | Firm Name | Remuneration | | :--- | :--- | | Domestic Accounting Firm | 100 | | Internal Control Audit Accounting Firm | 40 | [Explanation of Integrity Status](index=35&type=section&id=十二、报告期内公司及其控股股东、实际控制人诚信状况的说明) During the reporting period, the company maintained a good integrity status, with no unfulfilled court judgments or significant overdue debts - During the reporting period, the company maintained a good integrity status, with no unfulfilled court judgments or overdue debts[122](index=122&type=chunk) [Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=35&type=section&id=十三、公司股权激励计划、员工持股计划或其他员工激励措施的情况及其影响) The company completed the grant of the reserved portion of its 2017 restricted stock incentive plan and the first unlocking of a portion of restricted shares, while the duration of the employee stock ownership plan was extended by up to 12 months - The company completed the grant of the reserved portion of its 2017 restricted stock incentive plan and the first unlocking of **9.1 million restricted shares**[124](index=124&type=chunk)[158](index=158&type=chunk) - The company's first employee stock ownership plan's duration was extended by up to **12 months**, from 36 months to 48 months[125](index=125&type=chunk) [Major Related Party Transactions](index=36&type=section&id=十四、重大关联交易) During the reporting period, the company engaged in multiple routine operating related party transactions, including procurement of goods, acceptance of services, sales of goods, and provision of services, all executed at market prices; additionally, the company conducted related party transactions involving asset or equity acquisitions and disposals, such as acquiring a **60% equity stake** in Beijing Tellhow Equipment and disposing of a **100% equity stake** in Guizhou Tellhow Power, and terminated the acquisition of Jiujiang Bank equity Routine Operating Related Party Transactions (Partial, Unit: Yuan) | Related Party | Related Party Transaction Content | Current Period Transaction Amount | | :--- | :--- | :--- | | Tellhow Group Co., Ltd | Procurement of smart power products | 217,615.22 | | Beijing Tellhow Smart Technology Co., Ltd | Procurement of smart power products | 20,000,000.00 | | Tsinghua Tongfang Co., Ltd | Sales of smart power products | 4,051,724.14 | | Nanchang Xiaolan Innovation and Entrepreneurship Base Management Co., Ltd | Rental and utility income | 5,123,896.01 | | Tellhow Huisui (Beijing) Technology Co., Ltd | Rental and utility expenses | 47,169.81 | - The company acquired a **60% equity stake** in Beijing Tellhow Equipment Technology Co., Ltd. from Tellhow Group for **70 million Yuan** in cash, which has been fully paid[130](index=130&type=chunk) - The company transferred **100% equity** of its wholly-owned subsidiary, Guizhou Tellhow Power Technology Co., Ltd., to Tellhow Group Guizhou Investment Co., Ltd. for **20 million Yuan**, with the equity transfer payment fully recovered[129](index=129&type=chunk) - The company terminated the acquisition of **57.04 million shares** of Jiujiang Bank Co., Ltd., citing changes in market conditions[131](index=131&type=chunk) Related Party Creditor-Debtor Transactions (Partial, Unit: Yuan) | Related Party | Relationship | Balance at Period End (Funds Provided to Related Party) | | :--- | :--- | :--- | | Tsinghua Tongfang Co., Ltd | Company Shareholder | 3,248,199.00 | | Jiangxi Tellhow Animation Vocational College | Under the same shareholder | 5,211,246.00 | | Guizhou University Mingde College | Under the same shareholder | 200,000,000.00 | | Tellhow Shenyang Motor Co., Ltd | Other | 65,000,000.00 | [Major Contracts and Their Fulfillment](index=41&type=section&id=十五、重大合同及其履行情况) During the reporting period, the company had external guarantees and entrusted loan arrangements, providing guarantees for subsidiaries and some related parties, with the total guarantee amount representing **37.44% of net assets**, and extended a **170 million Yuan** entrusted loan to Jiangxi Tellhow Zijing Apartment Construction Service Co., Ltd. for a public rental housing project Company External Guarantees (Unit: Ten Thousand Yuan) | Guarantor | Guaranteed Party | Guarantee Amount | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | | Tellhow Sci-Tech Co., Ltd | Jiangxi Guoke Military Industry Group Co., Ltd | 2,000 | No | | Tellhow Sci-Tech Co., Ltd | Tellhow Shenyang Motor Co., Ltd | 12,000 | No | | Tellhow Sci-Tech Co., Ltd | Jiangxi Special Motor Co., Ltd | 30,000 | No | | Total Guarantee Balance at Period End (A) | | 44,000 | | | Total Guarantee Balance for Subsidiaries at Period End (B) | | 106,072 | | | Total Guarantee Amount (A+B) | | 150,072 | | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | | 37.44 | | Entrusted Loan Information (Unit: Yuan) | Type | Source of Funds | Amount Incurred | Unmatured Balance | | :--- | :--- | :--- | :--- | | Jiangxi Tellhow Zijing Apartment Public Rental Housing Project | Own Funds | 170,000,000 | 170,000,000 | - The company provided a **170 million Yuan** entrusted loan to its wholly-owned subsidiary, Jiangxi Tellhow Zijing Apartment Construction Service Co., Ltd., for a public rental housing project, with a 5-year term and an annual interest rate of **6%**[145](index=145&type=chunk) [Work on Actively Fulfilling Social Responsibilities](index=45&type=section&id=十七、积极履行社会责任的工作情况) The company actively fulfills its social responsibilities and has disclosed its 2018 Social Responsibility Report, with the company and its subsidiaries not classified as key polluting units by environmental protection authorities - The company disclosed its "Company 2018 Social Responsibility Report" on April 20, 2019[147](index=147&type=chunk) - The company and its subsidiaries are not classified as key polluting units by environmental protection authorities[148](index=148&type=chunk) [Changes in Ordinary Shares and Shareholder Information](index=46&type=section&id=第六节%20普通股股份变动及股东情况) This section details changes in the company's ordinary share capital and provides an overview of its shareholders and actual controllers [Changes in Ordinary Share Capital](index=46&type=section&id=一、普通股股本变动情况) In 2018, the company's total share capital increased from **667 million shares** to **866 million shares**, a **29.89% increase**, primarily due to the implementation of the 2017 profit distribution plan, which involved distributing 3 bonus shares for every 10 shares to all shareholders Changes in Ordinary Share Capital (Unit: Share) | Change Type | Quantity Before This Change | Increase/Decrease in This Change (＋,－) | Quantity After This Change | | :--- | :--- | :--- | :--- | | Restricted Shares | 154,498,812 | -107,565,606 | 46,933,206 | | Unrestricted Tradable Shares | 512,461,772 | 306,903,806 | 819,365,578 | | Total Ordinary Shares | 666,960,584 | 199,338,200 | 866,298,784 | - The company's total share capital increased by **199,338,200 shares**, primarily due to the implementation of the 2017 profit distribution plan, which involved distributing 3 bonus shares for every 10 shares to all shareholders[152](index=152&type=chunk) - Changes in restricted shares were mainly influenced by the lifting of restrictions on shares acquired through asset purchases and the first unlocking of shares from the 2017 restricted stock incentive plan[155](index=155&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk) [Shareholder and Actual Controller Information](index=48&type=section&id=三、股东和实际控制人情况) As of the end of the reporting period, the company had **38,893 ordinary shareholders** and no controlling shareholder or actual controller, with Tsinghua Tongfang as the largest shareholder holding **19.31%** and Tellhow Group as the second largest holding **14.84%** - As of the end of the reporting period, the total number of ordinary shareholders was **38,893**[159](index=159&type=chunk) Top Ten Shareholders' Shareholding (Partial, Unit: Share) | Shareholder Name | Shares Held at Period End | Percentage (%) | Pledged or Frozen Status (Quantity) | | :--- | :--- | :--- | :--- | | Tsinghua Tongfang Co., Ltd | 167,315,574 | 19.31 | None 0 | | Tellhow Group Co., Ltd | 128,569,272 | 14.84 | Pledged 128,525,000 | | China Overseas Holdings Group Co., Ltd | 51,996,672 | 6.00 | Pledged 51,996,672 | | Pan Hongsheng | 26,620,623 | 3.07 | None 0 | | Hu Jian | 18,631,655 | 2.15 | Pledged 18,631,652 | - The company has no controlling shareholder or actual controller, with Tsinghua Tongfang as the largest shareholder holding **19.31%** and Tellhow Group as the second largest holding **14.84%**[167](index=167&type=chunk)[168](index=168&type=chunk) [Preferred Shares Information](index=54&type=section&id=第七节%20优先股相关情况) This section confirms that the company had no preferred shares during the reporting period [Preferred Shares Information](index=54&type=section&id=优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[173](index=173&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=55&type=section&id=第八节%20董事、监事、高级管理人员和员工情况) This section details the shareholding changes and remuneration of the company's directors, supervisors, and senior management, as well as an overview of the employee structure and talent development initiatives [Shareholding Changes and Remuneration](index=55&type=section&id=一、持股变动情况及报酬情况) During the reporting period, the shareholdings of the company's directors, supervisors, and senior management increased due to the 2017 equity distribution and the 2017 restricted stock incentive plan grant, with some departing due to board/supervisory committee re-elections, and the total remuneration for directors, supervisors, and senior management amounting to **7.54 million Yuan** Shareholding Changes and Remuneration of Directors, Supervisors, and Senior Management (Partial) | Name | Position | Shares Held at Beginning of Year | Shares Held at End of Year | Change in Shares During the Year | Total Pre-tax Remuneration from Company in Reporting Period (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Huang Daifang | Chairman | 2,019,768 | 2,625,699 | 605,931 | 0.00 | | Yang Jian | Director and President | 2,800,000 | 7,540,000 | 4,740,000 | 184.80 | | Li Jieping | Vice President and Board Secretary | 277,500 | 880,750 | 603,250 | 126.10 | | Wang Huayan | Vice President | 200,000 | 650,000 | 450,000 | 101.60 | | Zhu Yuhua | CFO | 0 | 455,000 | 455,000 | 124.80 | | Total | | 6,616,352 | 17,610,258 | 10,993,906 | 754.08 | - Shareholding increases for directors, supervisors, and senior management were primarily due to the 2017 equity distribution and the grant under the 2017 restricted stock incentive plan[179](index=179&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=60&type=section&id=四、公司董事、监事、高级管理人员变动情况) During the reporting period, the company's board of directors, supervisory board, and senior management underwent multiple changes due to re-elections, including new appointments for Zhang Xinghu, Liu Ting, Wang Jinyong, Zhou Haiying, Zhang Xiaobing, Zhu Yuhua, Liao Yu, and Yin Wei, and departures for Li Jisheng, Tu Yanbin, Xia Chaoyang, Liu Weidong, Sun Jianghai, Yang Jun, Wu Julin, Zeng Zhijie, and Li Jieping Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | Reason for Change | | :--- | :--- | :--- | :--- | | Zhang Xinghu | Vice Chairman | Election | Re-election | | Liu Ting | Director and Vice President | Election | Re-election | | Li Jisheng | Vice Chairman | Departure | Re-election | | Wang Jinyong | Independent Director | Election | Re-election | | Zhou Haiying | Supervisor | Election | Re-election | | Zhang Xiaobing | Supervisor | Election | Re-election | | Zhu Yuhua | Vice President and CFO | Appointment | Re-election | | Liao Yu | Vice President | Appointment | Re-election | | Yin Wei | Board Secretary | Appointment | Re-election | [Employee Information](index=61&type=section&id=六、母公司和主要子公司的员工情况) As of the end of the reporting period, the company had a total of **3,267 employees**, with technical personnel accounting for the largest proportion, and implemented a "salary based on position, bonus based on performance" remuneration policy and multi-level training programs, including "Green Talent" development and MBA courses, to build a talent pipeline Employee Composition | Indicator | Quantity | | :--- | :--- | | Total Number of Employees | 3,267 | | Production Personnel | 775 | | Sales Personnel | 533 | | Technical Personnel | 1,321 | | Financial Personnel | 112 | | Administrative Personnel | 526 | | Master's Degree Holders | 235 | | Bachelor's Degree Holders | 1,712 | | Associate Degree Holders | 730 | | Secondary Vocational/Technical School Graduates | 415 | | High School and Below | 175 | - The company's remuneration policy adheres to the principle of "salary based on position, bonus based on performance," incorporating short-term and long-term incentives such as base salary, performance bonuses, annual awards, and equity incentives[186](index=186&type=chunk) - The company has developed an annual training plan, including a three-year "Green Talent" development program, MBA courses, and training for middle and senior management, to enhance employees' comprehensive qualities and build a talent pipeline[187](index=187&type=chunk) [Corporate Governance](index=62&type=section&id=第九节%20公司治理) This section outlines the company's corporate governance practices, including compliance with laws and regulations, the functioning of its governance bodies, and investor relations management [Explanation of Corporate Governance Related Matters](index=62&type=section&id=一、公司治理相关情况说明) During the reporting period, the company strictly adhered to relevant laws, regulations, and its articles of association, continuously improving its corporate governance structure and operating in a standardized manner, with the general meeting of shareholders, board of directors, supervisory board, and various special committees fulfilling their duties according to law, safeguarding the legitimate rights and interests of the company and its shareholders, and prioritizing investor relations management - The company strictly adheres to laws and regulations such as the "Company Law" and "Securities Law" to fulfill its responsibilities, improve its corporate governance structure, and standardize company operations[190](index=190&type=chunk) - The company's general meeting of shareholders, board of directors, supervisory board, and various special committees perform their duties in accordance with the law, ensuring the legitimate rights and interests of shareholders[190](index=190&type=chunk)[191](index=191&type=chunk) - The company prioritizes information disclosure and transparency, strengthening communication and interaction with investors through various channels and promptly addressing inquiries[191](index=191&type=chunk) [Overview of Shareholders' Meetings](index=62&type=section&id=二、股东大会情况简介) In 2018, the company held four shareholders' meetings, including three extraordinary general meetings and one annual general meeting, with all resolutions disclosed on the designated website 2018 Shareholders' Meeting Schedule | Session | Meeting Date | Disclosure Date of Resolutions | | :--- | :--- | :--- | | First Extraordinary General Meeting of 2018 | January 5, 2018 | January 6, 2018 | | Second Extraordinary General Meeting of 2018 | July 13, 2018 | July 14, 2018 | | Third Extraordinary General Meeting of 2018 | December 7, 2018 | December 8, 2018 | | 2017 Annual General Meeting | May 2, 2018 | May 3, 2018 | [Directors' Performance of Duties](index=62&type=section&id=三、董事履行职责情况) In 2018, the company held **12 board meetings**, with directors diligently performing their duties and actively participating in meetings, ensuring the effectiveness of business decisions - In 2018, the company held **12 board meetings**, including 1 in-person meeting, 10 by communication, and 1 combining in-person and communication methods[195](index=195&type=chunk) - The company's directors diligently performed their duties, correctly exercising their rights, fulfilling their obligations, and assuming responsibilities, fully playing a crucial role in business decision-making[191](index=191&type=chunk) [Senior Management Evaluation and Incentive Mechanisms](index=63&type=section&id=七、报告期内对高级管理人员的考评机制，以及激励机制的建立、实施情况) The company has established a comprehensive target, responsibility, and performance appraisal system, implementing a basic salary plus bonus incentive system for senior management, and during the reporting period, the 2017 restricted stock incentive plan completed the grant of reserved shares and the first unlocking of initially granted shares - The company implements a basic salary plus bonus incentive system for senior management based on performance appraisal[196](index=196&type=chunk) - The 2017 restricted stock incentive plan completed the grant of reserved shares and the first unlocking of initially granted restricted shares[196](index=196&type=chunk) [Disclosure of Internal Control Self-Evaluation Report](index=64&type=section&id=八、是否披露内部控制自我评价报告) The company disclosed its "2018 Internal Control Evaluation Report" on April 20, 2019, and the auditors issued a standard unqualified opinion on the internal control audit report, stating that the company maintained effective internal controls over financial reporting in all material respects - The company has disclosed its "2018 Internal Control Evaluation Report"[197](index=197&type=chunk) - Daxin Certified Public Accountants issued a standard unqualified opinion on the internal control audit report, stating that the company maintained effective internal controls over financial reporting in all material respects[197](index=197&type=chunk) [Corporate Bonds Information](index=64&type=section&id=第十节%20公司债券相关情况) This section provides an overview of the company's corporate bonds, including their basic terms, use of raised funds, credit ratings, and debt repayment mechanisms [Basic Information on Corporate Bonds](index=64&type=section&id=一、公司债券基本情况) The company issued two tranches of 2016 corporate bonds (16 Tellhow 01 and 16 Tellhow 02), both 5-year fixed-rate bonds with an option to adjust the coupon rate and an investor put option at the end of the third year, and the company timely and fully paid bond interest in 2018 Basic Information on Corporate Bonds (Unit: Yuan) | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Balance | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tellhow Sci-Tech Co., Ltd. Publicly Issued 2016 Corporate Bonds (Tranche 1) | 16 Tellhow 01 | 136332 | March 23, 2016 | March 23, 2021 | 5 | 4.20 | | Tellhow Sci-Tech Co., Ltd. Publicly Issued 2016 Corporate Bonds (Tranche 2) | 16 Tellhow 02 | 136602 | August 2, 2016 | August 2, 2021 | 5 | 4.19 | - In 2018, the company timely and fully paid bond interest[199](index=199&type=chunk) - 16 Tellhow 01 and 16 Tellhow 02 bonds include an option to adjust the coupon rate and an investor put option at the end of the third year[201](index=201&type=chunk) [Use of Raised Funds](index=65&type=section&id=三、公司债券募集资金使用情况) The **1 billion Yuan** raised from the company's corporate bonds has been fully utilized, and the dedicated fundraising account operates normally, in line with the utilization plan outlined in the prospectus - The **1 billion Yuan** raised from the company's corporate bonds has been fully utilized[202](index=202&type=chunk) - As of December 31, 2018, the dedicated fundraising account operated normally and was consistent with the plan in the prospectus[202](index=202&type=chunk) [Corporate Bond Rating Status](index=65&type=section&id=四、公司债券评级情况) China Chengxin Securities Rating Co., Ltd. conducted a follow-up rating on the company's corporate bonds, with both the company's main credit rating and the 16 Tellhow 01 and 16 Tellhow 02 bond ratings being AA (stable) - The company's main credit rating is **AA (stable)**, and the 16 Tellhow 01 and 16 Tellhow 02 corporate bond ratings are both **AA (stable)**[203](index=203&type=chunk) [Bond Enhancement Mechanism and Repayment Plan](index=65&type=section&id=五、报告期内公司债券增信机制、偿债计划及其他相关情况) During the reporting period, the company's corporate bonds had no enhancement mechanisms and interest was paid on time, with the company strictly implementing the repayment guarantee measures outlined in the prospectus, including establishing the "Bondholder Meeting Rules," appointing a bond trustee, and ensuring strict information disclosure - During the reporting period, the company's corporate bonds had no enhancement mechanisms and interest was paid on time[204](index=204&type=chunk) - The company's repayment guarantee measures include establishing the "Bondholder Meeting Rules," appointing a bond trustee, and ensuring strict information disclosure, with implementation consistent with the prospectus commitments[204](index=204&type=chunk) [Bond Trustee's Performance of Duties](index=66&type=section&id=七、公司债券受托管理人履职情况) Western Securities Co., Ltd., as the bond trustee for the company's corporate bonds, diligently performed its duties during the reporting period and disclosed its trustee management report - Western Securities Co., Ltd., as the company's bond trustee, strictly performed its duties in accordance with regulations and agreements[205](index=205&type=chunk) - Western Securities disclosed the "Western Securities Co., Ltd. Trustee Management Report on Tellhow Sci-Tech Co., Ltd.'s Publicly Issued 2016 Corporate Bonds (2017 Annual)" on June 29, 2018[205](index=205&type=chunk) [Key Accounting Data and Financial Indicators for the Past 2 Years](index=66&type=section&id=八、截至报告期末公司近%202%20年的会计数据和财务指标) The company's EBITDA increased by **19.98%** over the past two years, and its current ratio and quick ratio remained stable, but the asset-liability ratio increased by **3.57 percentage points**, and both the EBITDA to total debt ratio and interest coverage ratio decreased, primarily due to increased liabilities and interest expenses Key Financial Indicators for the Past 2 Years (Unit: Yuan) | Key Indicator | 2018 | 2017 | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | EBITDA | 615,559,492.55 | 513,033,939.39 | 19.98 | Net profit growth | | Current Ratio | 1.36 | 1.36 | 0 | No change | | Quick Ratio | 1.19 | 1.17 | 1.71 | Increase in accounts receivable | | Asset-Liability Ratio (%) | 66.66 | 63.09 | Increased by 3.57 percentage points | Decrease in operating asset turnover, increase in liabilities | | EBITDA to Total Debt Ratio | 0.11 | 0.13 | -15.38 | Increase in bank loan interest | | Interest Coverage Ratio | 2.78 | 3.8 | -26.84 | Increase in bank loan interest | | Cash Interest Coverage Ratio | 0.09 | -1.87 | N/A | Increase in net cash inflow from operating activities | | EBITDA Interest Coverage Ratio | 3.36 | 4.72 | -28.81 | Increase in interest expenses | | Loan Repayment Rate (%) | 100 | 100 | 0 | No change | | Interest Payment Rate (%) | 100 | 100 | 0 | No change | [Bank Credit Facilities](index=66&type=section&id=十、公司报告期内的银行授信情况) As of the end of the reporting period, the company and its major subsidiaries had a total credit facility of **6.23 billion Yuan** from multiple banks, with **4.02 billion Yuan** of the credit facility already utilized Bank Credit Facilities (Partial, Unit: Ten Thousand Yuan) | Credit Grantor | Credit Bank | Total Credit Facility | Utilized Credit Facility | | :--- | :--- | :--- | :--- | | Tellhow Sci-Tech Co., Ltd | ICBC Nanchang Beijing West Road Sub-branch | 86,296 | 44,911 | | Tellhow Sci-Tech Co., Ltd | Bank of China Nanchang Xihu Sub-branch | 66,000 | 24,426 | | Tellhow Software Co., Ltd | Bank of China Nanchang Xihu Sub-branch | 7,000 | 5,254 | | Tellhow Power Technology Co., Ltd | ICBC Nanchang Beijing West Road Sub-branch | 20,000 | 7,097 | | Shanghai Boyuan Information Technology Services Co., Ltd | Shanghai Rural Commercial Bank Zhangjiang Technology Sub-branch | 3,000 | 3,000 | | Longyan Haidexin Automobile Co., Ltd | Bank of China Longyan Branch | 8,900 | 6,107 | | Total | | 622,496 | 402,322 | [Major Events and Their Impact](index=68&type=section&id=十二、公司发生的重大事项及对公司经营情况和偿债能力的影响) The company's board of directors, supervisory board, and senior management underwent re-elections, which the trustee assessed as having no significant impact on the company's operations or bond repayment capability - The company's board of directors, supervisory board, and senior management underwent re-elections, which the trustee assessed as having no significant impact on the company's operations or bond repayment capability[210](index=210&type=chunk) [Financial Report](index=68&type=section&id=第十一节%20财务报告) This section presents the company's audited financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in equity, along with notes on accounting policies and significant items [Audit Report](index=68&type=section&id=一、审计报告) Daxin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion, affirming that the financial statements were prepared in all material respects in accordance with enterprise accounting standards, fairly reflecting the company's financial position, operating results, and cash flows for 2018, with key audit matters including goodwill impairment testing, revenue recognition, and allowance for doubtful accounts on accounts receivable - Daxin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion[4](index=4&type=chunk)[213](index=213&type=chunk) - Key audit matters include goodwill formation and impairment testing, revenue recognition (especially for subsidiaries with performance commitments), and allowance for doubtful accounts on accounts receivable[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) [Financial Statements](index=71&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets as of December 31, 2018, consolidated and parent company income statements, consolidated and parent company cash flow statements, and consolidated and parent company statements of changes in shareholders' equity for 2018, comprehensively presenting the company's financial position and operating results - The consolidated balance sheet shows total assets of **13.15 billion Yuan** and owner's equity attributable to the parent company of **4.01 billion Yuan** at period-end[228](index=228&type=chunk) - The consolidated income statement shows total operating revenue of **6.13 billion Yuan** and net profit attributable to parent company shareholders of **262 million Yuan** for the current period[233](index=233&type=chunk)[235](index=235&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **16.18 million Yuan**, net cash flow from investing activities of **-64.63 million Yuan**, and net cash flow from financing activities of **345 million Yuan**[239](index=239&type=chunk)[240](index=240&type=chunk) [Company Basic Information](index=86&type=section&id=三、公司基本情况) This section outlines the company's historical evolution, changes in registered capital, business scope, legal domicile, and legal representative, confirming its classification within the electrical equipment industry, primarily engaged in military equipment and smart power businesses - The company's total share capital changed to **866,298,784 shares** after the 2018 distribution[261](index=261&type=chunk) - The company's business scope covers power information and automation products, electronic products, communication equipment, generator sets, environmental protection and energy-saving products, and conducts global power engineering business[262](index=262&type=chunk) - The company is classified within the electrical equipment industry, primarily engaged in military equipment and smart power businesses[263](index=263&type=chunk) [Basis of Financial Statement Preparation](index=87&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and significant accounting policies and estimates, confirming the company's ability to continue as a going concern for at least the next

2018 年第三季度报告 公司代码：600590 公司简称：泰豪科技 泰豪科技股份有限公司 2018 年第三季度报告 1 / 20 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 7 | 2018 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人杨剑、主管会计工作负责人朱宇华及会计机构负责人（会计主管人员）熊美福保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 3 / 20 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年 度末增减(%) 总资产 11,041,092,463.49 10,513,954,247.14 5.01 归属于上市公司股东的净资产 3,8 ...